Daily Briefs

Holding companies have been the best performing asset class in the Korean stock market in the past month.
In this insight, we provide updated NAV valuations of the top five, largest “pure” holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.
The NAVs of these five holdcos are about 18% higher than their current prices on average.

AMD Ups The Ante With A Flurry Of Smaller Acquisitions

By William Keating

AMD recently announced the acquisition of Enosemi, a silicon-valley based startup specialising in chips for Co-Packaged Optics (CPO), and Brium, a previously unknown startup specialising in compiler optimisation
AMD is also acquiring the engineering team behind Untether, a canadian AI hardware startup similar in many ways to Graphcore
Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who’s next?

HKBN (1310 HK): CA Approval (All But) Done. NDRC & MoC Still Outstanding

By David Blennerhassett

Six months and counting; yet China Mobile (941 HK) continues to (slowly, but surely) chip away at various pre-conditions.
In its monthly update, HKBN Ltd (1310 HK) said Mobile has proposed commitments to Hong Kong’s Communication Authority, and that the commitments are sufficient to effectively address the CA’s concerns.
The CA is seeking industry feedback by the 13th June, but a favourable conclusion appears a lock. Elsewhere, no update on I-Squared’s proposal.

Circle Internet Group (CRCL US): Rounded US & Global Index Inclusion & Upweight

By Dimitris Ioannidis

Circle Internet Group (CRCL US) is forecasted to be added to both US TMI and R1000 at the September 2025 review.
Circle Internet Group (CRCL US) is forecasted to be added to Global Standard at the November 2025 review and to Global All-World at the December 2025 review.
A significant upweight is anticipated at the March 2026 review in R1000 and Global All-World following the lock-up expiry.

Zegona Communications: M&A Optionality and Strategic Re-Rating

By Jesus Rodriguez Aguilar

Zegona Communications (ZEG LN) owns 100% of Vodafone Spain and is a pure-play turnaround and M&A optionality vehicle in a consolidating European telecom market.
Telefónica and MasOrange are reportedly considering a bid, with potential upside of 25–83% depending on deal terms and valuation multiples.
Even without a sale, fibre JV monetization and cost-cutting support a standalone re-rating over the next 12–18 months.

MongoDB: An Insight Into Its Strategic Positioning Amidst AI Revolution & Key Growth Catalysts!

By Baptista Research

MongoDB, Inc., a leading document-oriented database platform provider, has reported its financial results for the first quarter of fiscal year 2026.
This quarter, MongoDB announced revenues of $549 million, marking a 22% year-over-year increase that surpassed expectations.
The revenue growth was significantly driven by Atlas, its cloud-based database service, which saw a 26% rise and accounted for 72% of the total revenue.

Xtalpi US$860m IPO Lockup Expiry – Last of the Lockup Release with Nearly All Shares in CCASS Now

By Sumeet Singh

XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.
QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
In this note, we will talk about the lock-up dynamics and updates since our last note.

Apple WWDC25: Nothing Announcements, and Nothing on AI.

By Nicolas Baratte

How many times can Apple management say “delightful” when they have nothing to say? WWDC25 highlighted a bunch of small software tweaks, mostly “new designs” and nothing on AI.
The air pocket continues: very low growth in hardware categories, potentially large negative consequence of the Epic lawsuit, no AI roadmap.
Consensus expects revenue growth for FY26 and that’s very questionable. The stock trades at 28x FY25 EPS, 26x FY26 with the only driver being share buybacks. Avoid!

Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan’s Next Driver; Memory 1Q25

By Vincent Fernando, CFA

Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty
National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst… AI Still in Its Early Phase
Semiconductor Memory Q125 Review — Tariff & Tech Transition Impacts, HBM Outlook

Rubrik 1QFY26 Update: Huge Opportunity In Identity Resilience Will Drive Growth In The Future

By Andrei Zakharov

Rubrik reported a solid 1QFY26. There were plenty of positives, including revenue upside, competitive wins and increased FY26 revenue guidance.
I maintain a bullish view on the data security company and a pioneer in cyber resilience. Management sees a huge opportunity in securing identity.
Rubrik added 135 customers with subscription ARR ˃$100K to total 2,381, +28% y/y, and the subscription net retention rate remains ˃120%.

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Jun 10

Daily Brief ESG: Declining Number of Shares Has Just Begun and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Declining Number of Shares Has Just Begun, but Valuations Need to Rise for Market Cap to Grow

Declining Number of Shares Has Just Begun, but Valuations Need to Rise for Market Cap to Grow

By Aki Matsumoto

That’s good news when considering that the number of listed shares is declining, which means that the understanding of the cost of capital has spread to some extent among companies.
With many companies having excess cash on hand and being able to generate cash from restructuring their business portfolios, the number of listed shares is expected to continue to decline.
Since there are only a few companies that global investors can invest in, there is a need to strengthen profitability to increase corporate value to increase market capitalization per company.

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Jun 10

Daily Brief Energy/Materials: Chambal Fertilisers & Chemicals, SGX Rubber Future TSR20, Steel, Suzano , Crude Oil, Rayonier Advanced Materials, Natural Gas, Capitan Silver , Santacruz Silver Mining and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

The Beat Ideas: Chambal Fertilisers – From Urea Giant to Agri-Solutions Powerhouse
FY 2025 Marks Shrinking Margins For Indian Tire Majors
India Steel Monitor – May 2025: Prices Fall, Demand Weak, Outlook Diverges
EM Spreads – Weekly News & Views
[US Crude Oil Options Weekly 2025/23] WTI Rebounded on Supply Risks and Trade Optimism
RYAM US: Specialty Margins Shine Under New Reporting Structure Despite Period Headwinds
[US Nat Gas Options Weekly 2025/23] Henry Hub Surged on Bullish Summer Demand Outlook
CAPT: LOI to Acquire Land Surrounding Cruz De Plata Project
SCZ: Seasonally Weak Q1, Stronger Results Moving Forward

The Beat Ideas: Chambal Fertilisers – From Urea Giant to Agri-Solutions Powerhouse

By Sudarshan Bhandari

CFCL is shifting from a subsidy-driven urea player to a diversified Agri-inputs firm, with strong traction in crop protection, biologicals, and a INR 1,645 Cr TAN project. .
This diversification reduces exposure to regulatory risks, enhances margins, and positions CFCL for long-term structural growth in high-value Agri-solutions
With a near debt-free balance sheet and visibility on INR 900–1,000 Cr revenue from TAN, we now view CFCL as a multi-engine growth story beyond commoditized urea.

FY 2025 Marks Shrinking Margins For Indian Tire Majors

By Vinod Nedumudy

MRF stages recovery in margin in Q4, others suffer
CEAT breaches US$1.51 billion for the first time in revenue in FY25
High raw material costs eat into profits of majors

India Steel Monitor – May 2025: Prices Fall, Demand Weak, Outlook Diverges

By Rahul Jain

Steel prices declined for 5 straight weeks; long products like rebar and wire rod saw the steepest fall amid weak spot market sentiment.
Companies expect higher Q1 FY26 realizations, but spot trends remain weak, highlighting a lag between optimism and transactional reality.
Auto and housing demand is softening; only two-wheelers, EVs, and commercial real estate offer near-term support to steel consumption.

EM Spreads – Weekly News & Views

By Leandro Gubler

Suzano to Acquire 51% of Kimberly-Clark’s International Tissue Business for $1.73bn
Vista Priced US$500mn 2033 Unsecured Notes at Par to Yield 8.5% (IPT: mid-8%) / Cemex Launches US$1bn Perpetual NC5 Notes to Yield 7.2% (IPT: 7.625%)
Telecom 1Q25: Margin Gains Support Credit, But Telefónica Deal Still Central / Telecom Prices US$800 Million Unsecured Bond Due 2033 at 9.5% Yield

[US Crude Oil Options Weekly 2025/23] WTI Rebounded on Supply Risks and Trade Optimism

By Suhas Reddy

WTI futures rose 6.2% for the week ending 06/Jun, as supply disruption fears and U.S.-China trade optimism outweighed concerns over the OPEC+ output hike.
The U.S. rig count fell by four to 559. The oil rig count fell by nine to 442, while gas rigs grew by five to 114.
WTI OI PCR remained at 0.83 on 06/Jun compared to 30/May. Call OI rose by 4.1% WoW, while put OI grew by 3.9%.

RYAM US: Specialty Margins Shine Under New Reporting Structure Despite Period Headwinds

By Water Tower Research

1Q25 one-time headwinds obscure improving business fundamentals.
Unusual weather, plant-level operating challenges ahead of planned maintenance outages, and the impact of customer pre-buying in 4Q25 affected 1Q25 results, but are not likely to continue, suggesting sequential improvement in 2Q25 and more so in 2H25.
New reporting structure highlights specialty-type margins.

[US Nat Gas Options Weekly 2025/23] Henry Hub Surged on Bullish Summer Demand Outlook

By Suhas Reddy

For the week ending 06/Jun, U.S. natural gas prices gained 9.8% on the back of forecasts of a hotter-than-expected summer and rising LNG exports.
For the week ending 30/May, the EIA reported that U.S. natural gas inventories rose by 122 Bcf, higher than analyst expectations of a 111 Bcf build.
Henry Hub OI PCR fell to 0.85 on 06/Jun compared to 0.86 on 30/May. Call OI increased by 6% WoW, while put OI grew by 4.4%.

CAPT: LOI to Acquire Land Surrounding Cruz De Plata Project

By Atrium Research

What you need to know: • Capitan Silver announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Silver-Gold Project.
• The transaction will consist of US$4.0M (in two installments) with no royalty or dilutive share payments.
• We remind readers of the ongoing 10,000m drill program (results expected soon) and plans to update its MRE on the Oxide Gold Deposit.

SCZ: Seasonally Weak Q1, Stronger Results Moving Forward

By Atrium Research

What you need to know: • Santacruz reported its Q1/25 production results, missing our expectations due to pronounced seasonality and various operational challenges which have now been resolved.
• AgEq production came in at 3.7Moz compared to our estimate of 4.5Moz, representing -10% QoQ and -5% YoY.
• SCZ is up 217% since our initiation report, yet still remains mispriced, in our view.

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Jun 10

Daily Brief ECM: [Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

[Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX
Zhejiang Sanhua Intelligent Controls A/H Listing – PHIP Updates and Thoughts on A/H Premium
Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution
Xtalpi US$860m IPO Lockup Expiry – Last of the Lockup Release with Nearly All Shares in CCASS Now
Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Sets Terms, Seeking $2bn Valuation
Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed
Ategrity Specialty Holdings LLC (ASIC): Accelerated Deal, Valuation Fits the Bill for Insurance IPO
Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit
Pre-IPO Medtide (PHIP Updates) – Some Points Worth the Attention
Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation

[Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX

On Friday 6 June, Azoom (3496 JP) announced it would conduct an offering (small issuance of new shares, some Treasury shares, larger selldown by the main shareholder).
That comes in conjunction with a transfer to TSE Prime from TSE Growth, which itself leads to a TOPIX Inclusion trade next month.
The company has decided to tack on a special dividend for this year, on top of growth and more liquidity. None of this is especially bad.

Zhejiang Sanhua Intelligent Controls A/H Listing – PHIP Updates and Thoughts on A/H Premium

By Sumeet Singh

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the company’s past performance in our previous note. In this note, we look at the PHIP updates and talk about the likely A/H premium.

Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

The hold-up is based upon how Chime should be valued — either like a fintech darling or just another financial services company.
The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024.
According to our sources, the Chime order book is considered multiple-times oversubscribed.

Xtalpi US$860m IPO Lockup Expiry – Last of the Lockup Release with Nearly All Shares in CCASS Now

By Sumeet Singh

XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.
QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
In this note, we will talk about the lock-up dynamics and updates since our last note.

Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Sets Terms, Seeking $2bn Valuation

Slide Insurance Holdings (SLDE US) will be the fourth insurance company to go public in the first half of 2025.
The company is offering 20 million shares at $15-$17 equating to a $1.9b-$2.1b market cap.
We anticipate there to be solid interest in this IPO based upon sector tailwinds. The company considers itself an “insurtech” which could create a different investor profile for this deal.

Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed

The company that describes itself as an innovation-driven defense technology and space solutions company has gained significant momentum in the first days of its roadshow
The transaction has anchor orders from established funds and a $20 million directed share program.
At the midpoint of the range, Voyager is valued at 7x multiple of projected revenue for 2026 which is a discount to peers.

Ategrity Specialty Holdings LLC (ASIC): Accelerated Deal, Valuation Fits the Bill for Insurance IPO

Ategrity Specialty Holdings (ASIC US) has elected to push pricing ahead by one-day due to the strength of the order book.
According to our sources, the deal is multiple-times oversubscribed with quality conversions from 1-on-1 meetings.
This IPO is being well-received. Insurance IPOs are not the type of deal that is “flashy” out of the gates but is one that is geared toward buy-and-hold investors.

Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit

By Nicholas Tan

Primo Global (367A JP) is looking to raise up to $96m in its upcoming Japan IPO
It specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Pre-IPO Medtide (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

The sales growth of GLP-1s has entered a turning point. The actual market size of GLP-1s could be much lower-than-expected, which would affected the growth outlook of peptide CXOs.
Medtide is not strong as expected in the peptide CXOs industry. There’s a “hidden problem” in terms of the market share ranking. We updated our forecast for the next three years.
Considering geopolitical conflicts/intense competition, it’s difficult for Medtide to secure orders from industry leaders when the Company lacks competitiveness and are small in scale. Valuation should be lower than peers.

Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation

The company will be offering 23.5mm shares at a $16-$18 range equating to a market cap of $4.8b-$5.35b.
The deal is anticipated to price on Tuesday (6/17) for a Wednesday (6/18) debut on the Nasdaq.
This company is backed by some of the strongest biotech-VC firms in the game. It is our opinion that this IPO is “likely” to be well-received.

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Jun 10

Daily Brief Australia: Austal Ltd, S&P/ASX 200, Electro Optic Systems Hldg, DUG Technology Ltd and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

S&P/ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning
S&P/ASX 200 Tactical Outlook Post-Index Rebalance Announcement
Electro Optic Systems — Positioned for drone defence
Electro Optic Systems — Positioned for drone defence
DUG Technology — Sorting signal from the noise

S&P/ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning

There is 1 change for the S&P/ASX20 Index, 1 change for the S&P/ASX50 Index, 2 changes for the S&P/ASX100 Index and 2 changes for the S&P/ASX 200 (AS51 INDEX).
There is between A$30m-A$135m to trade in the index changes and that is between 0.7-16 days of ADV in the stocks. Short interest has jumped in a few stocks.
We expect positioning to be lower than the passive trading in Nick Scali, Viva Energy Group, Perseus Mining, Austal Ltd and Healius.

S&P/ASX 200 Tactical Outlook Post-Index Rebalance Announcement

By Nico Rosti

As reported by Brian Freitas on 6 June the list of changes to the S&P/ASX family of indices was announced, including some change for the S&P/ASX 200 (AS51 INDEX).
The S&P/ASX 200 index has become quite overbought as of last Friday’s Close, a pullback is probably imminent.
This insight evaluates possible scenarios for the possible 2-4 weeks, beyond the June 20 date when the index review will become effective.

Electro Optic Systems — Positioned for drone defence

By Edison Investment Research

Electro Optic Systems (EOS) is a specialist defence business focused on remote weapons systems (RWS) and counter drone systems. The group is set to benefit from increased defence spend globally along with the rapid emergence of drone warfare and the subsequent requirement for asset protection systems. A strong balance sheet and restructured cost base provide a solid platform through which these opportunities can be leveraged.

Electro Optic Systems — Positioned for drone defence

By Edison Investment Research

DUG Technology — Sorting signal from the noise

By Edison Investment Research

DUG Technology (DUG) provides seismic data processing services and software primarily to the oil and gas industry. As a small but innovative player in the field, the recent launch of elastic multi-parameter full waveform inversion (MP-FWI) technology gives the company the opportunity to gain market share despite the uncertain industry outlook. The recent Q325 update confirmed that order intake has returned to growth, supporting our forecasts for a recovery in revenue and profitability from FY26. In our view, this is not factored into the current share price. Uptake of solutions for immersion cooling and mobile high-performance computing (HPC) could provide further upside to our forecasts and valuation.

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Jun 10

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Markets Mixed as U.S.-China Talks Begin and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Markets Mixed as U.S.-China Talks Begin
US Banks – Loan Loss Reserves Stagnating On Weekly Basis, Indicator of Benign Credit Metrics
Low Critical Metal Prices Affect Capital Raising Strategies of Resource Developers
Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India
Monday Delight: 09/06/25
#160 India Insight: Adani Energy ₹6K Cr+ Inv, Tata Apple Repair, Maruti Suzuki Solar Boost
US EV Charging Infrastructure Tracker – May 2025

Ohayo Japan | Markets Mixed as U.S.-China Talks Begin

By Mark Chadwick

Markets posted mixed results Monday as U.S.-China trade talks commenced in London
Semiconductor stocks rallied, led by Qualcomm surging over 4% on its $2.4 billion Alphawave acquisition
Microsoft unveiled its first Xbox-branded handheld gaming devices, the ROG Xbox Ally

US Banks – Loan Loss Reserves Stagnating On Weekly Basis, Indicator of Benign Credit Metrics

By Daniel Tabbush

US banks HFD in Fed H8 weekly release suggests strong income for US banks
LLR stagnating weekly basis for a long time, suggesting little incremental credit costs
LDR also expanding, with low growth of high costs deposits, 2Q25 profit can be strong

Low Critical Metal Prices Affect Capital Raising Strategies of Resource Developers

By Water Tower Research

On the latest WTR Small-Cap Spotlight, we were joined by Howard Klein, Founder of RK Equity and a leading lithium industry expert, to discuss the current state of the critical metal markets, the impact of low metal prices on public company valuations, and challenges both public and private resource developers are experiencing in raising capital required to move mining projects into commercial production.
Lower metal prices constrain the ability to use equity to raise capital.
The persistently low prices of lithium, nickel, cobalt, and graphite, among others, in the wake of the post- destocking price bubble have resulted in lower stock prices of metal miners, processors, and developers.

Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

By Nimish Maheshwari

During rate cut cycle, NBFCs with a higher proportion of floating-rate liabilities & a relatively lower proportion of floating-rate assets are poised to experience an expansion in their profitability.
This insight analyzes the asset-liability profiles of select Vehicle Financiers, Prime HFCs, and Affordable HFCs to identify their sensitivity to interest rate movements
Overall, NBFCs expect the benefit of the rate cut to have a lagged effect from H2FY26, leading expansion in NIM and overall profitability

Monday Delight: 09/06/25

By Contrarian Cashflows

This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that recently caught my attention.
These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
Because these ideas are the result of my first-level idea generation process, they require more in depth research.

#160 India Insight: Adani Energy ₹6K Cr+ Inv, Tata Apple Repair, Maruti Suzuki Solar Boost

By Sudarshan Bhandari

Adani Energy Solutions (ADANIT IN) plans INR 6,000 crore investment in centralised cooling, launching India’s largest facility at Mundra and expanding aggressively across sectors with CaaS model.
Apple (AAPL US) appoints Tata to handle iPhone and MacBook repairs in India, reflecting growing confidence and Tata’s expanding role in Apple’s supply chain.
Maruti Suzuki India (MSIL IN) plans Rs 925 crore investment to expand solar capacity to 319 MWp by 2031, aligning with India’s renewable energy goals and sustainable growth.

US EV Charging Infrastructure Tracker – May 2025

By Garvit Bhandari

Total public EV charging stations (incl. temporary unavailable locations) were 77,646 as of May 31, 2025. Compared to the end of FY24, it is an increase of 3.5%.
Total EV charging ports (including the temporary unavailable ports) were 221,045, up nearly 6.9% compared to the end of 2024 and up 0.4% over April 2025
California has the highest number of active DC Fast ports as of May 2025 at 14,499 (~26% of the total), followed by Texas at 3,757.

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Jun 10

Most Read: Great Wall Motor, Yang Ming Marine Transport, Blackstone , Mazagon Dock Shipbuilders , Austal Ltd, SK Inc, With Us Corp, Azoom, Sony Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

RMB Dual Counter Trading Is Coming – This Changes AH Relationships
Yuanta/P-Shares Taiwan Div+ ETF Rebalance: Huge Turnover & Flow Overlap
Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade
A/H Premium Tracker (To 6 June 2025): Narrow Premia Hs Worst Performers, BYD Relents
NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine
S&P/ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning
NAV Valuations of Top Five Largest “Pure” Holdcos in Korea
With Us (9696 JP): NSSK’s JPY3,237 Tender Offer
[Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX
Index Treatment of Sony (6758 JP)’s Spinoff of the Financial Services Business

RMB Dual Counter Trading Is Coming – This Changes AH Relationships

A week after the State Council issued “Several Opinions” (关于加强监管防范风险推动资本市场高质量发展的若干意见》), the CSRC announced Friday five capital market cooperation measures with HK Connect. The goals are to increase cross-border investor flows.
They include: a broader range of ETFs in Connect, including REITs in both directions, include RMB counters in Southbound, improve mutual recognition of funds, increasing China IPOs in Hong Kong.
RMB Dual Counters Southbound-eligible will take time. They have some homework, but it is on the “To Do” list “as soon as possible and smoothly.” Watch impact on H/A Pairs.

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: Huge Turnover & Flow Overlap

There are 5 adds and 5 deletes for the Yuanta/P-Shares Taiwan Dividend Plus ETF in June with implementation starting on 20 June and ending on 26 June.
Estimated one-way turnover is 17.7% resulting in a round-trip trade of TWD 158bn (US$5.3bn). There are 10 stocks with over 5 days of ADV to trade.
There are a few stocks that have same-way or opposing flows from other index trackers over the next couple of weeks and those stocks could outperform/underperform their peers.

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

There are no constituent changes for the S&P 500 INDEX (SPX INDEX) in June but there are capping changes for the Select Sector indices and the Equal Weight Index.
The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, Communication Services Select Sector SPDR Fund (XLC US) and Energy Select Sector SPDR Fund (XLE US).
The largest flows are expected in Exxon Mobil, Alphabet, Chevron Corp, Visa, Blackstone, Live Nation Entertainment, Meta, Broadcom, TKO Group Holdings, Dell Technologies and Omnicom Group.

A/H Premium Tracker (To 6 June 2025): Narrow Premia Hs Worst Performers, BYD Relents

AH spreads are slightly narrower. BANKS, INSURERS, BROKERS, INDUSTRIALS, PHARMA and UTILITIES see significant H-share outperformance vs their A pairs. TECH, CONSUMER, ENERGY mixed to worse.
Ongoing skew on H-vs-A performance this week. Those trading AH Premium <20% saw H outperform sharply but those with H Premia contracted. Quiddity Portfolio alpha trending strongly.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.
Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.
The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.

S&P/ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning

There is 1 change for the S&P/ASX20 Index, 1 change for the S&P/ASX50 Index, 2 changes for the S&P/ASX100 Index and 2 changes for the S&P/ASX 200 (AS51 INDEX).
There is between A$30m-A$135m to trade in the index changes and that is between 0.7-16 days of ADV in the stocks. Short interest has jumped in a few stocks.
We expect positioning to be lower than the passive trading in Nick Scali, Viva Energy Group, Perseus Mining, Austal Ltd and Healius.

NAV Valuations of Top Five Largest “Pure” Holdcos in Korea

Holding companies have been the best performing asset class in the Korean stock market in the past month.
In this insight, we provide updated NAV valuations of the top five, largest “pure” holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.
The NAVs of these five holdcos are about 18% higher than their current prices on average.

With Us (9696 JP): NSSK’s JPY3,237 Tender Offer

By Arun George

With Us Corp (9696 JP) has recommended a tender offer from Nippon Sangyo Suishin Kiko (NSSK) at JPY3,237, an 18.0% premium to the last close price.
The offer represents an all-time high and concludes SwissAsia’s activist campaign to spill the Board at the AGM on 26 June.
SwissAsia and the founding family have provided irrevocables (39.81% ownership ratio), paving the way for deal completion.

[Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX

On Friday 6 June, Azoom (3496 JP) announced it would conduct an offering (small issuance of new shares, some Treasury shares, larger selldown by the main shareholder).
That comes in conjunction with a transfer to TSE Prime from TSE Growth, which itself leads to a TOPIX Inclusion trade next month.
The company has decided to tack on a special dividend for this year, on top of growth and more liquidity. None of this is especially bad.

Index Treatment of Sony (6758 JP)’s Spinoff of the Financial Services Business

For each share of Sony Corp (6758 JP), shareholders will receive 1 share of Sony Financial Group. Ex-date for the dividend in-kind is 29 September.
The Nikkei has started a market consultation on treatment of the spinoff in the Nikkei225 and that means the dividend in-kind will not be included in the Dividend Point Index.
There will be some selling in SFGI from passive trackers and the company will buy back some stock following listing. Details of the buyback have not been announced yet.

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Jun 10

Daily Brief Health Care: Caris Life Sciences, Cybin , Medtide, Olam Group, Shilpa Medicare, Sino Biopharmaceutical, Trellus Health , Wing Tai Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation
Cybin, Inc: The Strategic Approach to Formulating a Successful CYB003 Launch
Pre-IPO Medtide (PHIP Updates) – Some Points Worth the Attention
The Broader Beat: Market Movers Beyond the Benchmark
Shilpa Medicare: Strong FY25, FDF and Biologics, Focus on Asset Monetisation
Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population
Trellus Health Plc – Hybridan Small Cap Feast: 02/06/2025
Ongoing Share Purchases by Dr Ng in Q&M

Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation

The company will be offering 23.5mm shares at a $16-$18 range equating to a market cap of $4.8b-$5.35b.
The deal is anticipated to price on Tuesday (6/17) for a Wednesday (6/18) debut on the Nasdaq.
This company is backed by some of the strongest biotech-VC firms in the game. It is our opinion that this IPO is “likely” to be well-received.

Cybin, Inc: The Strategic Approach to Formulating a Successful CYB003 Launch

By Water Tower Research

Interventional psychiatry clinic landscape evolving for the better.
The interventional psychiatry landscape has significantly evolved over the past five years, with the emergence of ~5,000 clinics or mental health centers offering a range of services to patients from ECT and TMS to esketamine and regular ketamine.
From Cybin’s interactions with these centers, they appear to be well prepared for potential dosing and treatment with psychedelics like Cybin’s CYB003 as they come to market.

Pre-IPO Medtide (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

The sales growth of GLP-1s has entered a turning point. The actual market size of GLP-1s could be much lower-than-expected, which would affected the growth outlook of peptide CXOs.
Medtide is not strong as expected in the peptide CXOs industry. There’s a “hidden problem” in terms of the market share ranking. We updated our forecast for the next three years.
Considering geopolitical conflicts/intense competition, it’s difficult for Medtide to secure orders from industry leaders when the Company lacks competitiveness and are small in scale. Valuation should be lower than peers.

The Broader Beat: Market Movers Beyond the Benchmark

By Geoff Howie

The STI generated a 6.5% total return for 2025 to June 6, with an annualised return of 8.5%.
SIA Engineering and Singapore Land Group achieved highest gains among non-STI stocks with market capitalisation above S$3 billion.
Sheng Siong Group reported a 15% total return for 2025 to June 6, with increased revenue and net profit.

Shilpa Medicare: Strong FY25, FDF and Biologics, Focus on Asset Monetisation

By Sudarshan Bhandari

Shilpa’s FY 25 revenue +13 %, EBITDA margin 26 %, EU-GMP clearances, key FDF launches and stronger biologics/CDMO orders mark a decisive operational step-up.
Growth now rests on differentiated, limited-competition products and biologics CDMO, promising steadier earnings and less reliance on lumpy one-off licensing fees.
Improved asset utilisation, regulatory wins and visible pipeline recast Shilpa from a cyclical API player into a diversified, higher-margin specialty-biologics growth story.

Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

By Tina Banerjee

Sino Biopharmaceutical (1177 HK) presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.
Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.
The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.

Trellus Health Plc – Hybridan Small Cap Feast: 02/06/2025

By Hybridan

Our daily digest of news from UK Small Caps 2nd June 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) or similar announcement has been made ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: Following its demerger from Anglo American, Valterra Platinum (VALT.L) announces that its entire issued share capital has today been admitted to the Equity Shares (International Commercial Companies Secondary Listing) category of the Official List and to trading on the London Stock Exchange’s Main Market.
Delistings: Enteq Technologies has left AIM.
What’s baking in the oven?

Ongoing Share Purchases by Dr Ng in Q&M

By Geoff Howie

Institutions were net sellers of Singapore stocks with a S$32 million outflow, totaling S$1.76 billion year-to-date.
19 companies conducted share buybacks totaling S$46 million; City Developments announced a 10% preference share buyback.
Directors and CEOs filed 13 acquisitions with no disposals; substantial shareholders filed 11 acquisitions and five disposals.

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Jun 10

Daily Brief Consumer: Great Wall Motor, With Us Corp, Sony Corp, Trent Ltd, Tata Motors, Shinsung Tongsang, Lululemon Athletica, Pvh Corp, Trip.com and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

A/H Premium Tracker (To 6 June 2025): Narrow Premia Hs Worst Performers, BYD Relents
With Us (9696 JP): NSSK’s JPY3,237 Tender Offer
Index Treatment of Sony (6758 JP)’s Spinoff of the Financial Services Business
Quiddity BSE/SENSEX Jun25 Results: 23/26 Correct; ~US$600mn Total One-Way Flows
Reiterate Short Tata Motors – Weak Sales Volume, JLR UK Retails Weak
Shinsung Tongsang: A Second Try at Tender Offer and Privatization
Can Lululemon Athletica Strike Back? Some Bold Moves to Crush Tariffs & Supply Chain Chaos!
Lululemon 1Q’25 Update
PVH Is Reinventing Calvin Klein And Tommy Hilfiger: Inside Its Recent
Weak Spending over China’s Dragon Boat Festival Holiday Period Suggests Tourists Remain Frugal

A/H Premium Tracker (To 6 June 2025): Narrow Premia Hs Worst Performers, BYD Relents

AH spreads are slightly narrower. BANKS, INSURERS, BROKERS, INDUSTRIALS, PHARMA and UTILITIES see significant H-share outperformance vs their A pairs. TECH, CONSUMER, ENERGY mixed to worse.
Ongoing skew on H-vs-A performance this week. Those trading AH Premium <20% saw H outperform sharply but those with H Premia contracted. Quiddity Portfolio alpha trending strongly.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

With Us (9696 JP): NSSK’s JPY3,237 Tender Offer

By Arun George

With Us Corp (9696 JP) has recommended a tender offer from Nippon Sangyo Suishin Kiko (NSSK) at JPY3,237, an 18.0% premium to the last close price.
The offer represents an all-time high and concludes SwissAsia’s activist campaign to spill the Board at the AGM on 26 June.
SwissAsia and the founding family have provided irrevocables (39.81% ownership ratio), paving the way for deal completion.

Index Treatment of Sony (6758 JP)’s Spinoff of the Financial Services Business

For each share of Sony Corp (6758 JP), shareholders will receive 1 share of Sony Financial Group. Ex-date for the dividend in-kind is 29 September.
The Nikkei has started a market consultation on treatment of the spinoff in the Nikkei225 and that means the dividend in-kind will not be included in the Dividend Point Index.
There will be some selling in SFGI from passive trackers and the company will buy back some stock following listing. Details of the buyback have not been announced yet.

Quiddity BSE/SENSEX Jun25 Results: 23/26 Correct; ~US$600mn Total One-Way Flows

By Janaghan Jeyakumar, CFA

The semiannual index rebal events of the SENSEX index, BSE 100 index, and BSE 200 index will take place in June 2025.
There will be two changes for BSE Sensex, three changes for BSE 100, and eight changes for BSE 200.
In this insight, we take a look at our final flow expectations.

Reiterate Short Tata Motors – Weak Sales Volume, JLR UK Retails Weak

By Sreemant Dudhoria

We continue to reiterate our short call on Tata Motors Ltd (TTMT IN) based on near term challenges.
May sales volume is weak versus peers in industry. This weak performance is seen across segments – India passenger cars, commercial vehicles and UK Retail sales
This insight discusses the whole sale volume in the month of May and compares it with its nearest competitors.

Shinsung Tongsang: A Second Try at Tender Offer and Privatization

On 9 June, Shinsung Tongsang (005390 KS) announced a second tender offer after a failed attempt last year. Tender offer price is 4,100 won per share.
The tender offer price this time (second try) is much higher than recent prices, making it much more likely that the tender offer will be successful.
From 2019 to 2023, Top Ten’s sales nearly tripled whereas Uniqlo Korea’s sales declined by about 33% in the same period.

Can Lululemon Athletica Strike Back? Some Bold Moves to Crush Tariffs & Supply Chain Chaos!

By Baptista Research

Lululemon Athletica Inc. reported its financial results for the first quarter of 2025, posting revenue growth that reached the high end of its guidance range with a notable improvement in the United States, where revenues grew by 2%.
The overall revenue increased by 7% (or 8% in constant currency) reaching $2.4 billion, driven by strong performance across various regions, despite a seemingly cautious consumer sentiment in the U.S. The brand witnessed robust in-market performance with revenues in Canada increasing by 9% and a significant 22% increase in Mainland China.
The company also saw 17% revenue growth in the rest of the world.

Lululemon 1Q’25 Update

By MBI Deep Dives

Lulu is again back to LSD growth in the US; what makes it more disappointing is they actually had a somewhat easier comparison since 1Q’24 growth was just 2%.
Canada, despite a low double digit growth in 1Q’24, again had higher growth than the US this quarter.
China and Rest of the World (RoW) maintained healthy growth rates but growth has materially decelerated.

PVH Is Reinventing Calvin Klein And Tommy Hilfiger: Inside Its Recent

By Baptista Research

PVH Corp.’s first-quarter 2025 performance reflects a balance of achievements and challenges in a complex macroeconomic environment.
On the positive side, PVH delivered revenue growth that surpassed company guidance, attributable to the effective execution of its PVH+ Plan.
The revenue increased by 2%, exceeding expectations due to stronger-than-projected wholesale performance, early shipments, and the relaunch of Calvin Klein women’s sportswear and jeans in North America.

Weak Spending over China’s Dragon Boat Festival Holiday Period Suggests Tourists Remain Frugal

By Daniel Hellberg

China’s Ministry of Tourism & Culture reported mediocre holiday travel & spending activity
Separately, Xinhua also reported underwhelming numbers from Dragon Boat Festival period
Weak travel numbers may indicate Chinese consumers remain uneasy about near-term outlook

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
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✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 10

Daily Brief South Korea: SK Inc, Hanwha Corporation, Shinsung Tongsang and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

NAV Valuations of Top Five Largest “Pure” Holdcos in Korea
Updated NAV Valuations of Doosan Corp, Hanwha Corp, CJ Corp, GS Holdings, and Lotte Corp
Shinsung Tongsang: A Second Try at Tender Offer and Privatization

NAV Valuations of Top Five Largest “Pure” Holdcos in Korea

Holding companies have been the best performing asset class in the Korean stock market in the past month.
In this insight, we provide updated NAV valuations of the top five, largest “pure” holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.
The NAVs of these five holdcos are about 18% higher than their current prices on average.

Updated NAV Valuations of Doosan Corp, Hanwha Corp, CJ Corp, GS Holdings, and Lotte Corp

We provide updated NAV valuations of Doosan Corp (000150 KS), Hanwha Corporation (000880 KS), CJ Corp (001040 KS), GS Holdings (078930 KS), and LOTTE Corporation (004990 KS).
These holding companies’ outperformance has been driven by investors’ perception that the new Lee Jae-Myung administration will make real changes to improve corporate governance policies that could unlock greater value.
The share prices of Hanwha Corp, Doosan Corp, CJ Corp, GS Holdings, and Lotte Corp are up on average 97% YTD.

Shinsung Tongsang: A Second Try at Tender Offer and Privatization